Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
Hi all, I am looking for updated information on list services. I have been researching the forums and see listsource, realtytrac, foreclosures.com, Melissadata, etc. My questions are:
1. Do you all obtain leads for both absentee owners and probates from these services? Can you get both? or can probates ONLY be accessed from your local court? Is there a way to differentiate between the two types of leads?
2. I've read some old posts, looking for the LATEST consensus on these listing services. At one point, listsource was great, now not so much??
3.Is there a way to pull pre-foclosures, absentees and probates from one source listing company?
I would appreciate EVERY one's input! Michael Quarles, Sharon Vornholt, @K. Marie Poe, What are you're thoughts! :)
Goshen, KY · Member since 2009 · 835 posts · 683 votes
13y
Nichole - Don't over think it. Get someone on the phone at listsource and talk to them. You will need to do that anyway to get them to plug in the equity piece. You don't have to commit to buying a list to talk to them.
-Ask how many contacts there would be for a list in these counties: then tell them the counties in your city with this criteria then lay out your criteria:
-Start with out of STATE absentee owners.
-50% equity or more
-I get homes with values between 50K and 225K. This will change with every area. My median house price is about 140K here. You will decide the range. You want mid range houses; nothing too expensive to sell easily.
-I omit bad areas by omitting zip codes in these areas.
Just make the decision to call them today. If you can get a list with 800-1200 names that is a good number to start with.
Goshen, KY · Member since 2009 · 835 posts · 683 votes
13y
Nichole Gabriel. Most folks still like listsource that I know. You have to ask for the exact type of lead you want ie absentee owner, preforeclosure etc.
You can't get probates from these listsources. You need to get them soon after the probate has started, so call your local probate court at the first of the week. They will know exactly how you can get them. There services in some areas (not mine) that specialize in probate lists. But, I don't know how reliable they are.
Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
13y
Thank you Michael Quarles! I'll be in touch! I don't have a dynamic budget, but I am ready to use what little I have to start with to get something in the mail!
Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
13y
Originally posted by Sharon Vornholt:
Nichole Gabriel. Most folks still like listsource that I know. You have to ask for the exact type of lead you want ie absentee owner, preforeclosure etc.
You can't get probates from these listsources. You need to get them soon after the probate has started, so call your local probate court at the first of the week. They will know exactly how you can get them. There services in some areas (not mine) that specialize in probate lists. But, I don't know how reliable they are.
ok, Thank you Sharon Vornholt! I have checked and the only way to get them is to go to the court house and access a computer they have set up! My hubby just got a job, and so our 1 car is in use every day. His company car should be available by next month, but I was hoping to get started sooner than that. Ok, well, maybe absentees are the way to go, until then! thanks again! :)
Goshen, KY · Member since 2009 · 835 posts · 683 votes
13y
Nichole Gabriel. Just start with absentee owners. Here's another idea.
There should be a legal publication in your area (ask an attorney) that has this info too. You will have to subscribe, but in my area they one that is available. It has lis pendens, probates and all sorts of other legal information, filings etc. Find out how much that is. Once you figure in the time you spend at the coutrhouse, it just might be cheaper in the long run.
Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
13y
oh! Thanks Steve Babiak!
I don't know why i'm so nervous about buying a listsource list, Sharon Vornholt.. but I am :/ In doing research, people have used so many different sets of criteria! {head spinning}
Goshen, KY · Member since 2009 · 835 posts · 683 votes
13y
Nichole - Don't over think it. Get someone on the phone at listsource and talk to them. You will need to do that anyway to get them to plug in the equity piece. You don't have to commit to buying a list to talk to them.
-Ask how many contacts there would be for a list in these counties: then tell them the counties in your city with this criteria then lay out your criteria:
-Start with out of STATE absentee owners.
-50% equity or more
-I get homes with values between 50K and 225K. This will change with every area. My median house price is about 140K here. You will decide the range. You want mid range houses; nothing too expensive to sell easily.
-I omit bad areas by omitting zip codes in these areas.
Just make the decision to call them today. If you can get a list with 800-1200 names that is a good number to start with.
Goshen, KY · Member since 2009 · 835 posts · 683 votes
13y
David Beard. I think they pull that from the home values. For the equity they must be able to pull from home value vs mortgage balance. I'm not sure how they do it, I just know that they can. You can't get that equity piece by ordering online.
Investor · Cincinnati, OH · Member since 2010 · 1k+ posts · 928 votes
13y
Originally posted by Sharon Vornholt:
David Beard. I think they pull that from the home values.
I'm still not following what you're saying about where the list service obtains the "current market value" of the home. Presumably not from zillow.com, lol. Do the values appear to be accurate when you've reviewed them?
Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
13y
Ok! Sharon Vornholt, I finally got through this process. I called last week and the guy wasn't much help. He set up my account and sent me on my way! This time, I got an awesome young lady who helped through the entire process, and I was able to go in and refine the search with the criteria you gave me. I now have 727 leads in this search, this is what I did:
- 4 counties
- Absentee Owned
- min. 3 bedrooms
- SFR
- 50% to 100% equity
- $50,000 to $100,000 Last sale price
- Exclude Trustees and Corporate
- Mailing address complete
Goshen, KY · Member since 2009 · 835 posts · 683 votes
13y
Sean -
Some investors use a timeline in their figures. But you will be missing out on a whole lot of recent cash sales or sales where they even put 1/2 down or more.
This is particularly true for absentee owners. I personally know folks that have lived in their homes for 20-25 years but have constantly refinanced (and used that money for other things), so they don't have much equity. On the other hand, I have bought numerous properties from absentee owners that paid cash for their investment property here. If you are in California, then property in KY, Indiana, TN and a lot of other areas seems dirt cheap to them. They often pay cash or put a big chunk of money down.
You will miss out on a whole bunch of folks that should be on your list, and you will get a lot of people with no equity using a time factor rather than an equity factor.
Goshen, KY · Member since 2009 · 835 posts · 683 votes
13y
No I don't Junior. It's all about the equity. Some folks will pay cash for a property then want to sell it a couple of years later. Other's refinance every year or two and pull out the equity. Then they still owe the whole amount 20 years later.
Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
13y
@Steve Babiak and @Sharon Vornholt , :) Can I ask your expertise here? I have done a search at the site you found, Steve! I'm not exactly sure, looking at these legal documents, WHICH are actual probates? I see some "Petition to be appointed administrator" listings? I also see "DECEASED PETITION FOR LETTERS OF ADMINISTRATION NOTICE" and petitions for "TEMPORARY LETTERS OF GUARDIANSHIP ESTATE" ... ok, I officially have no idea what I'm looking for!!! LOL! :D Can anyone help me out here?